Paul Suits Jr. and his brother established LakeHouse Cannabis as a registered business in New York State in 2021. However, after three years and an investment of $1 million, they have yet to make a single sale due to delays in license approvals. Suits Jr. expressed his frustration and the challenges of sustaining the business amidst the waiting period. The situation reflects the struggles of numerous hopeful cannabis entrepreneurs in New York State as they await approval from the Office of Cannabis Management, which Governor Kathy Hochul has criticized as a “disaster.” Despite over 500 licenses being issued, only 87 are currently in operation, falling short of the initial projections.
Suits Jr. and his brother initially considered entering the medical marijuana market eight years ago but shifted focus to recreational use after its legalization in 2021. They invested in LakeHouse Cannabis, situated in a former Country Kitchen Diner, envisioning a legally compliant dispensary that remains empty of products. The delayed process has caused setbacks for them and other entrepreneurs, with sentiments of frustrations and anxiety prevailing within the industry.
The situation has prompted a review of the Office of Cannabis Management by personnel from the Office of General Services, with expectations for operational improvements. The slow rollout has affected aspiring cannabis businesses, including those striving to meet Social and Economic Equity (SEE) requirements aiming to support minority entrepreneurs and those disproportionately impacted by prior cannabis-related legal issues. The equity aspect of licensing has faced challenges, as highlighted by experiences shared during public board meetings.
Amidst the complexities and delays, Governor Hochul has committed to addressing the inefficiencies and making necessary changes within the licensing process. As LakeHouse Cannabis and other aspiring ventures await their turn, there is a collective hope for a smoother and expedited path towards obtaining licenses and contributing to the legal cannabis market in New York State.